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U.S. House Democrats seek corporate tax increase to 26.5 percent

WASHINGTON

Leading Democrats within the U.S. House of Representatives said on Monday that they’re seeking to boost the nation’s charge per unit on corporations to 26.5 percent, up from the present 21 percent.

The House Ways and Means Committee said that it’ll debate legislation in the week that might achieve the change as a part of Democrats’ broader, $3.5 trillion domestic investment plan.

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The tax-writing panel has scheduled work sessions for Tuesday and Wednesday to debate tax program and other matters under its jurisdiction to be included within the $3.5 trillion “reconciliation” bill.

In a statement, the committee said that additionally to raising corporate taxes, it’ll include a provision in its bill to “level the playing field by cutting taxes for our nation’s smallest businesses.”

Currently, the federal rate on corporations is 21 percent, down from 35 percent before the 2017 Republican tax cut law.

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